Ch. 7: How Prices are determined

• Economie
• Middelbare school
• vwo
• Leerjaar 3

Ch. 7: How prices are determined.

AKA: who gets what in an economy?

What is supply?

1. The willingness to buy at all prices.
2. The willingness to produce at all prices.
3. How much is made.
4. How much is bought.

What is demand?

1. The willingness to buy at all prices.
2. The willingness to produce at all prices.
3. How much is made.
4. How much the product will cost.

What does the equilibrium point show?

1. The willingness to buy at all prices.
2. The willingness to produce at all prices.
3. How much is made.
4. How much the product will cost.

What goes on the y-axis of a graph with demand and supply?

1. p for prices.
2. Q for quantity.
3. t for time.
4. x for amount.

What goes on the x-axis of a graph with demand and supply?

1. p for prices.
2. Q for quantity.
3. t for time.
4. x for amount.

Aim today

1) Practice drawing supply and demand curves.

Plan

Open your worksheet.

Go to learning aims.

Let's discuss...

Finish the worksheet and then: